18 hour ago
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Trust Wallet Exploit Drains $7M: Hundreds of Users Affected
Amid ongoing market volatility, Trust Wallet has experienced a significant security breach, leading to the theft of more than $6.77 million. The exploit is linked to a recent update in its Chrome browser extension. Users with version 2.68 are advised to upgrade to 2.69 to mitigate risks. This incident exacerbates existing investor concerns about the safety of self-custody solutions.
- Trust Wallet, with around 220 million global users, faces scrutiny due to the breach.
- Despite the exploit, Trust Wallet commits to fully reimbursing affected users, as confirmed by Binance founder Changpeng Zhao.
- On-chain investigators have traced approximately $5.5 million of stolen funds through various exchanges.
The total cryptocurrency market capitalization, excluding Bitcoin and Ethereum, is hovering near $825 billion, reflecting stress in the altcoin sector. The market has dipped below key moving averages, indicating potential bearish trends.
- Market support exists between $780 billion and $820 billion; a break below could trigger further declines.
- A recovery above $900 billion is necessary for a bullish outlook.
